Rent or Buy in Florida? Run the Numbers.
Plug in your situation and see which option makes more financial sense for your Florida move.
Your Numbers
Adjust any value to see updated results instantly.
Your Rent Situation
Your Buy Situation
FL average ~1.1% (vs NJ ~2.3%)
FL insurance is higher than most states
Common in Florida communities
FL has higher electric costs for cooling
Your Tax Situation
Florida has no state income tax. This changes the math significantly compared to NJ, where you'd deduct mortgage interest from state taxes too.
Monthly Cost Comparison
Net Worth Comparison
After 5 Years
Renting
$0
Buying
$0
After 10 Years
Renting
$0
Buying
$0
Break-Even Point
7.2 years
How long until buying becomes cheaper than renting
Florida Tax Advantage
Florida's lack of state income tax saves you approximately $0/year compared to NJ
Ready to Make the Move?
Get personalized advice from someone who's helped hundreds of NJ families relocate to Florida.
Talk to Scott About Your Florida MoveIMPORTANT TAX/INSURANCE NOTICE: Tax laws and insurance regulations are complex and change frequently. The calculations in this tool are based on general principles and are for illustrative purposes only. Your actual tax liability, insurance costs, and financial outcomes depend on many factors. Insurance rates and availability vary by carrier, location, and property type. Consult your carrier or a licensed Florida insurance agent for current rates. Always consult with a licensed CPA, tax attorney, or financial professional before making decisions. Scott Selleck is not a tax or insurance professional and cannot provide tax or financial advice.
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How This Calculator Works
This calculator compares the total monthly cost of renting versus buying a home in Florida. On the rental side, it considers your monthly rent plus an assumed annual rent increase. On the buying side, it factors in your mortgage payment (principal and interest), property taxes, homeowner's insurance, HOA fees, maintenance costs, and utilities.
The buying cost then accounts for the federal tax benefit of deducting mortgage interest and property taxes, reducing your effective monthly cost. Because Florida has no state income tax, there is no additional state-level deduction benefit -- a key difference from states like New Jersey.
The net worth comparison tracks what you would accumulate in each scenario. When renting, your net worth grows by what you save and invest. When buying, your net worth grows through home equity (principal paydown plus assumed appreciation) plus any savings.
Please note: This is an estimate for educational purposes. Actual costs vary based on specific properties, locations, insurance markets, HOA fee structures, and personal financial situations. Florida insurance costs and HOA fees tend to be higher than in most other states, while property taxes are typically lower than in the Northeast.
The NJ-to-FL Rent vs Buy Decision
For New Jersey families relocating to Florida, the rent-versus-buy decision carries unique considerations. Many NJ transplants choose to rent first -- even when they can afford to buy -- because Florida's regional differences are significant. The lifestyle, community feel, and even climate vary dramatically between Boca Raton and Jupiter, or between Fort Lauderdale and Palm Beach Gardens. Renting for a year gives you time to explore neighborhoods, understand commute patterns, and discover which town truly fits your family before making a long-term commitment.
The financial math also shifts in Florida. In Boca Raton, where median rents are around $2,900 per month and median home prices exceed $500,000, renting your first year can help you decide between Boca, Delray, or Palm Beach Gardens without the pressure of a rushed home purchase. Florida's property taxes are lower than New Jersey's (roughly 1.1% vs 2.3%), but homeowners insurance is significantly higher and HOA fees are common in many planned communities. The lack of state income tax is a major financial advantage that improves both the renting and buying scenarios compared to staying in NJ.
Scott Selleck's approach is education-first. He helps you weigh the trade-offs based on your specific timeline, budget, and lifestyle priorities. Whether you decide to rent for a year to get your bearings or buy immediately with confidence, the goal is making an informed choice that sets you up for success in Florida.
Questions About Your Florida Move?
Scott Selleck is here to help. With 32+ years in real estate and dual NJ-FL licensing, he can guide you through every step of your transition.